FRANKFURT, Germany (AP) — Reinsurer Munich Re AG said yesterday it will acquire Bell & Clements Group, an insurance underwriter with operations in the US and British markets.

The terms of the deal were not disclosed, but Munich Re said the acquisition would help its planned growth. Bell & Clements writes primary insurance through a network of select agents in the US and Britain.

Bell & Clements manages an insurance portfolio of around $300 million on behalf of Munich Re and other insurers. For Munich Re, it wrote primarily property fire and other small commercial business, the company said. Following the acquisition, Bell & Clements will continue to write business for Munich Re as well for third parties.

The acquisition is part of efficiency-enhancing initiatives Munich Re announced a few weeks ago for its reinsurance operations.

The string of initiatives to be rolled out over the next six to nine months includes insuring new risks and sharpening its marketing, with more securitisation both for Munich Re's own business and for clients' business.

The aim is for Munich Re to gear itself more closely toward sustained bottom-line growth rather than premium growth.

Reinsurance companies sell backup coverage to other insurers, spreading risk so the system can handle huge losses from major disasters. Munich Re was overtaken as the largest in the industry last year when Swiss Re completed its takeover of General Electric Inc.'s reinsurance operations.